System and method for betting on-the-board or off-the-board in an event

Abstract

A system for managing bets comprises a memory and a processor. The memory stores one or more first type of bets and one or more second types of bets. Each first type of bet is associated with a bet amount and comprises a bet that a participant selected from a set of participants in an event will finish in a predetermined subset of finishing positions associated with the event. Each second type of bet is associated with a bet amount and comprises a bet that the selected participant will not finish in the predetermined subset of finishing positions associated with the event. The processor adds the bet amounts associated with the first type of bets with the bet amounts associated with the second type of bets to form a betting pool. The processor determines an amount of a payout based at least in part on the betting pool.

What is claimed is: 
     
       1. A betting machine comprising:
 a memory; 
 a display device; 
 a card swiping device; 
 at least one processor to: 
 render a betting interface on the display device; 
 generate a betting pool in an area of the memory; 
 detect entry of a first bet, from the betting interface and the card swiping device, that a participant will rank in a plurality of finishing positions upon completion of a race, the first bet being associated with a first bet amount; 
 detect entry of a second bet, from the betting interface and the card swiping device, that a participant will not rank in a plurality of finishing positions upon completion of the race, the second bet being associated with a second bet amount; 
 in response to determining that the first bet was entered before a certain period of time elapsed, add the first bet amount to the betting pool in the memory; 
 in response to determining that the second bet was entered before the certain period of time elapsed, add the second bet amount to the betting pool in the memory; and 
 calculate a payout amount based at least partially on the betting pool stored in the memory. 
 
     
     
       2. The betting machine of  claim 1 , wherein the at least one processor is further configured to decline adding the first bet amount to the betting pool, in response to determining that the first bet was entered after the certain time period elapsed. 
     
     
       3. The betting machine of  claim 1 , wherein the at least one processor is further configured to decline adding the second bet amount into the betting pool, in response to determining that the second bet was entered after the certain time period elapsed. 
     
     
       4. The betting machine of  claim 1 , wherein the at least one processor is further configured to add the first bet amount to the betting pool despite receiving the first bet after the certain period of time has elapsed. 
     
     
       5. The betting machine of  claim 1 , wherein the at least one processor is configured to add the second bet amount to the betting pool despite receiving the second bet after the certain period of time has elapsed. 
     
     
       6. The betting machine of  claim 1 , wherein the at least one processor is further configured to add at least one other bet amount of at least one other bet received from a given client device to the betting pool, in response to determining that the at least one other bet was entered before the certain period of time elapsed. 
     
     
       7. The betting machine of  claim 1 , wherein the at least one processor is further configured to receive a request via the betting interface to withdraw a previously submitted bet amount from the betting pool. 
     
     
       8. The betting machine of  claim 7 , wherein the at least one processor is further configured to calculate a new payout amount, in response to receiving the request to withdraw the previously submitted bet amount from the betting pool. 
     
     
       9. A method comprising:
 rendering, by at least one processor, a betting interface on a display device; 
 generating, by the at least one processor, a betting pool in an area of a memory; 
 receiving, by the at least one processor, a first bet, via the display device and a card swiping device, that a participant will rank in a plurality of finishing positions upon completion of a race, the first bet being associated with a first bet amount; 
 receiving, by the at least one processor, a second bet, via the betting interface and the card swiping device, that a participant will not rank in a plurality of finishing positions upon completion of the race, the second bet being associated with a second bet amount; 
 in response to determining that the first bet was entered before a certain period of time elapsed, adding, by the at least one processor, the first bet amount to the betting pool in the memory; 
 in response to determining that the second bet was entered before the certain period of time elapsed, adding, by the at least one processor, the second bet amount to the betting pool in the memory; and 
 calculating, by the at least one processor, a payout amount based at least partially on the betting pool stored in the memory. 
 
     
     
       10. The method of  claim 9 , further comprising declining, by the at least one processor, to add the first bet amount to the betting pool, in response to determining that the first bet was entered after the certain time period elapsed. 
     
     
       11. The method of  claim 9 , further comprising declining, by the at least one processor, to add the second bet amount into the betting pool, in response to determining that the second bet was entered after the certain time period elapsed. 
     
     
       12. The method of  claim 9 , wherein adding the first bet amount to the betting pool further comprises adding, by the at least one processor, the first bet amount to the betting pool despite receiving the first bet after the certain period of time has elapsed. 
     
     
       13. The method of  claim 9 , wherein adding the second bet amount to the betting pool further comprises adding, by the at least one processor, the second bet amount to the betting pool despite receiving the second bet after the certain period of time has elapsed. 
     
     
       14. The method of  claim 9 , further comprising adding, by the at least one processor, at least one other bet amount of at least one other bet received from a given client device to the betting pool, in response to determining that the at least one other bet was entered before the certain period of time elapsed. 
     
     
       15. The method of  claim 9 , further comprising receiving, by the at least one processor, a request via the betting interface to withdraw a previously submitted bet amount from the betting pool. 
     
     
       16. The method of  claim 15 , further comprising calculating, by the at least one processor, a new payout amount, in response to receiving the request to withdraw the previously submitted bet amount from the betting pool. 
     
     
       17. A non-transitory computer-readable medium with instructions stored therein which upon execution cause at least one processor to
 render a betting interface on a display device; 
 generate a betting pool in an area of a memory; 
 receive a first bet, via the betting interface and a card swiping device, that a participant will rank in a plurality of finishing positions upon completion of a race, the first bet being associated with a first bet amount; 
 receive a second bet, via the betting interface and the card swiping device, that a participant will not rank in a plurality of finishing positions upon completion of the race, the second bet being associated with a second bet amount; 
 in response to determining that the first bet was entered before a certain period of time elapsed, add the first bet amount to the betting pool in the memory; 
 in response to determining that the second bet was entered before the certain period of time elapsed, add the second bet amount to the betting pool in the memory; and 
 calculate a payout amount based at least partially on the betting pool stored in the memory. 
 
     
     
       18. The non-transitory computer-readable medium of  claim 17 , wherein the instructions stored therein, when executed, further cause the at least one processor to decline adding the first bet amount to the betting pool, in response to determining that the first bet was entered after the certain time period elapsed. 
     
     
       19. The non-transitory computer-readable medium of  claim 17 , wherein the instructions stored therein, when executed, further cause the at least one processor to decline adding the second bet amount into the betting pool, in response to determining that the second bet was entered after the certain time period elapsed. 
     
     
       20. The non-transitory computer-readable medium of  claim 17 , wherein the instructions stored therein, when executed, further cause the at least one processor to add the first bet amount to the betting pool despite receiving the first bet after the certain period of time has elapsed. 
     
     
       21. The non-transitory computer-readable medium of  claim 17 , wherein the instructions stored therein, when executed, further cause the at least one processor to add the second bet amount to the betting pool despite receiving the second bet after the certain period of time has elapsed. 
     
     
       22. The non-transitory computer-readable medium of  claim 17 , wherein the instructions stored therein, when executed, further cause the at least one processor to add at least one other bet amount of at least one other bet received from a given client device to the betting pool, in response to determining that the at least one other bet was entered before the certain period of time elapsed. 
     
     
       23. The non-transitory computer-readable medium of  claim 17 , wherein the instructions stored therein, when executed, further cause the at least one processor to receive a request via the betting interface to withdraw a previously submitted bet amount from the betting pool. 
     
     
       24. The non-transitory computer-readable medium of  claim 23 , wherein the instructions stored therein, when executed, further cause the at least one processor to calculate a new payout amount, in response to receiving the request to withdraw the previously submitted bet amount from the betting pool.